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By Justyn Sturrock
The latest report from IBM highlights how ‘cracking the code for Talent' can help companies take their workforce performance to the next level.
Today, more than ever, organisations worldwide are focusing their time and attention on maximising the value of their workforces.
As organisations become more globally integrated, and as traditional geographic and competitive boundaries disappear, the need to identify, develop and connect talent has never been more critical.
Every two years IBM conducts a global CEO Study where we go out and talk to over 1,000 CEOs, and each time we do this, the people agenda is always top of mind.
In 2004, when we asked CEOs what their greatest concern was for their organisation, three primary themes emerged: growth, responsiveness and agility.
And CEOs were almost unanimous in their belief that the greatest hurdle to addressing these themes was the capability within their organisations.
With the recent explosion of ground-breaking standardised ICT protocols we are witnessing the ever increasing development of wealth-producing technologies and business models. These business models exploit easily accessible and interoperable global networks, information and knowledge.
Underlying most technologies and business models is the ubiquitous and somewhat ephemeral world of standards. Standards support wealth creation by enabling the development of global production networks characterized by outsourcing, the de-verticalization of corporate structure, and new forms of “technological fusion” in which disparate technologies are brought together to achieve new products that exhibit novel performance characteristics and functionality.
The nature of this global techno-economic system places a premium on interoperability and creates a new level of demand for acceptable standards. Standards have also become increasingly important for the international economy and according to the World Trade Organisation underlie 80% of world trade in the exchange of goods and services. They form a fundamental part of bi-lateral and multi-lateral trade agreements.
SYDNEY - Just as the agrarian society gave way to the industrial revolution, the industrial society is giving way to one where knowledge and innovation are the key drivers of economic value and wealth creation. As organisations from all sectors come to rely more on knowledge-intensive resources and technology for value creation, it is clear that an organisation's ability to foster, manage and profit from the knowledge of its people and their capacity to innovate will be the key to its future success.
However, as an economy and a nation we are challenged to find meaningful, consistent and reliable ways to successfully deal with these things often called "intangibles". As managers, leaders and citizens, we must explore and address the challenge of understanding value in this new knowledge-based era. Managing a business, government agency or an economy in this time requires new understanding and skills if we are to continue to prosper.
At its most obvious, when unmeasured, intangible assets amount to unmanaged risk.
The debate on the perceived need to measure the value of organisational intangible assets has been around for over 30 years. But the complexity of the issue has consistently obscured the benefit of numerous attempts to bring accounting and valuation practices up to date with the realities of the post-industrial economy. In the balance-sheet approach to the world, intangible assets – be they human resources, processes, brands, intellectual capital, customer goodwill or the value of IT-underpinned productivity, are somehow considered to be divorced from the cash-flow. They are therefore deemed irrelevant in determining a company’s current or future value.
In the parlance of the finance community, which rewards profitability (or an appearance of it) over any other aspect of company performance, the intangibles conundrum is no conundrum at all.
